#RealtyNewsRoundup: UP To Restart Process On Setting Up Real Estate Regulator
After the Central law came into effect across India, Uttar Pradesh will start the process to form and notifying new rules under the Real Estate (Regulation & Development) Act, 2016. Government officials told media that the past process stood cancelled. The application process for the post of chairman and other members of the regulatory authority will start soon, and the state may implement the law by June-end.
Developers are in talks with the Central government, seeking changes to the decades’ old rules pertaining to the award of government contracts. The Builders Association of India is urging the government to bring down earnest money deposit ratio, from 2.5 per cent of the contract to one per cent, and the security deposit to five per cent from 10 per cent.
Noida Authority Chief Executive Officer Amit Mohan Prasad will hold a meeting with the Confederation of Real Estate Developers Association of India national president and several other major developers that are developing projects in Noida. The meeting will be held on May 5 and will focus on addressing issues of scores of homebuyers, who have been protesting against developers, who have failed to meet deadlines on project delivery.
In the largest private equity buyout so far in India’s real estate sector, Xander Group has agreed to acquire 100 per cent interest in Shriram’s Gateway SEZ in Chennai for $190 million.